According to statistics from the Real Estate Institute of New Zealand (REINZ), March 2020 revealed 34 property sales, most of which were transacted prior to the nationwide COVID-19 lockdown which went into effect on March 25.. 

Twenty-six houses sold during March, ranging from $560,000 for a three-bedroom house in Luggate, through to $4M for a substantial home in the sought after location of Waimana Place, Wanaka.

Eight sections were sold, starting at $410,000 for 612m2 in Alpine Estate and topping out with an Alpha Ridge section of 1214m2 with outstanding lake views which sold for $1,275,000. 

First National Wanaka sales manager Lynette Winsloe noted a sharp jump in median house prices from the previous month. 

“Fifty-four per cent of the house sales were $1M and over and this was a major influence on the high median of $1,440,000 - well up on the February median of $1,165,000,” she said. 

The total dollar value of sales was $42.6m.

The entry level price in Wanaka was $727,500 for a three-bedroom house in Northlake. “Lake Hawea continues to attract buyers who may feel they cannot find what they are after in the Wanaka market, with houses selling between $625,000-$760,000,” Lynette said. 

March signals the end of the 2019/20 financial year, with a grand total of 559 sales since the beginning of April 2019 and a total sales value of $523M.

In comparison, for the year ended March 2019, there were 688 sales and a total of $502M. The high number of sales for 2018/19 but lower total of sales value can be attributed to the influx of newly titled sections, Lynette said.

“Stock-wise, there was an increase in the number of new listings during March, but they slowed towards the end of the month,” Lynette said. 

“Going forward the level of activity will be determined by buyer confidence, seller motivation and the overall economic position of the region,” she said.

“At the end of the day, real estate prices are driven by the market – its supply and demand. The current situation will affect different parts of the market in different ways and we have yet to see how this will play out.”

PHOTO: Supplied